S&P 500

After the the recent swoon in the market, the S&P 500 has been bouncing around trying to form a base as seen on this short term chart:

While the swings have been large, the average is currently sitting in the middle.  The S&P 500 is going to need to break out of the base before it turns directional.

The indicators on the daily chart are all pointing north, suggesting some momentum is possible to the upside.  Lurking on the upside are the moving averages which will provide some significant resistance if there is an upside breakout.  On a breakout, the move would target 1240, with the top of the base providing support.

The weekly indicators have reached oversold territory and are trying to turn up.